Commitment devices are an increasingly popular weight-loss method, especially among economists. However, new research from Nicholas Burger and John Lynham indicates that betting on your own ability to lose weight may not be a sure thing. “Despite payoffs of as high as $7,350, approximately 80 percent of people who spend money to bet on their own behavior end up losing their bets.” Does the problem lie with the commitment device? Are there more effective devices than money? (HT: Marginal Revolution) [%comments]
Betting on Yourself
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The problem is a lack of understanding of biochemistry. In making this bet, the presumption is that the problem is a psychological one, one of motivation. The reality is that it is a physiological problem. A problem with hormones. Maybe this study will finally get economists to come around.
There are definitely better ways. A while back, there was some special on weight loss (I’m thinking it was reported by John Stossal, or someone like that) where they had two groups. One group had photos taken in bathing suits and if they didn’t lose the goal weight, then their photo would be shown on national television. The other group was structured around group motivation and support. Guess which team had the most success?
When it comes to understanding and changing the behavior of individuals, behavioral psychologists are light-years ahead of economists.
Behavior modification plans succeed every day. But they never rely on a single commitment device.
As far as I know, the best book for teaching individuals how to change their own behavior is “Self-Directed Behavior”, by Watson and Tharp.
http://www.amazon.com/Self-Directed-Behavior-David-L-Watson/dp/0495093246/ref=sr_1_1?ie=UTF8&qid=1286892151&sr=8-1